SUBSIDIARIES

Msinsi Holdings (Pty) Ltd (“Msinsi”) (100%)

Msinsi continues to provide services to Umgeni Water in terms of
land and wildlife management surrounding Umgeni Water major dams and treatment
works. In 2007 Msinsi reported a loss of R1m (2006:4,6m profit). The prior year profit was primarily attributable to the recognition of Biological assets.